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Mortgage rates show signs of falling after Iran war peak
Major mortgage lenders are making "meaningful" cuts to the rates on new deals, bringing some solace to first-time buyers hit by the economic impact of the Iran war.
Money markets are reacting to hopes of a long-term truce in the war so the recent rapid rise in borrowing costs has halted and is now starting to reverse.
Experts say there is some momentum in mortgage rate reductions, but the situation remains delicate with borrowers still exposed to the possibility of sudden shifts in mortgage costs.
First-time buyers say the change is a relief although the cost of buying a home remains painfully expensive for many at a time when other bills have risen.
‘Meaningful relief for borrowers’ as banks prepare to cut mortgage rates
Santander is reducing mortgage rates being offered to borrowers with smaller deposits from Thursday, raising hopes that similar changes will be made more widely across the market.
The bank said it is able to pass on a reduction in borrowing costs following a fall in swap rates, which are used by lenders to price mortgages.
Meanwhile, TSB is also poised to reduce some of its mortgage rates from Friday.
Looking at Santander’s reductions, they include reducing two-year fixed first-time buyer deals for people with deposits of 5% to 15% by up to 0.28 percentage points.
Selected 5% to 15% deposit five-year fixed first-time buyer rates will reduce by up to 0.17 percentage points.
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